Contents

Special Column on Chinese Banks Going Global

    The Path from Trade Finance to International Banking and Global Banking: Chinese Banks Following the Trend by Herbert Poenisch

    Steady Progress,Timely Renewal: A Review and Outlook of the Banks International Development by Ben Shenglin, Yu Jiefang, Gu Yue

    Banks Move to Lift Yuan's Global Standing by Jiang Xueqing

    China Banks the World by Drew Bernstein

    Banking across Borders: Are Chinese Banks Different? by Eugenio Cerutti, Catherine Koch, and Swapan-Kumar Pradhan

    Chinese Banks Top Global Peers as Main Lenders to the Gulf by Kari Soo Lindberg, Mirette Magdy

The Chinese Economy

    China's New Chapter: Rebalancing and Unleashing Market Forces by Dan Katz

    How China's Economy Can Pivot to Consumption-Led Growth by Sonali Jain-Chandra, Siddharth Kothari, Daniel Garcia-Macia, Yizhi Xu

    Infrastructure Investment Is the Key to China's Growth by Yu Yongding

Global Economy

    The Global Economy's Many Chokepoints by Michael Spencel

    Incremental Outcomes of the Trade Talks Expected as New Equilibrium Emerges by Xu Ying

    Global Economy Shakes off Tariff Shock Amid Tech-Driven Boom by Tobias Adrian

    Coping and Thriving in a Fluid World by Kristalina Georgieva

    Outlook 2026: Foreign Exchange Markets Will Be Less Exciting than in 2025 by Mark Sobel

    Shaping Asia's Future by Kristalina Georgieva

    Sino-US Talks Can't Erase Differences but Can Bridge Them by Zhang Zhouxiang

Geo-Economics

    Revisit:Gold as a Weapon of War by Harold James

    The Iran War Has Put Asia on the Brink of an Energy Panic by The Economist

    The Gulf's Resilience Faces a New Geopolitical Test by Yara Aziz

    Joachim Nagel:Priorities and Challenges for Europe in a Changing World by Joachim Nagel

    Eurobonds Not the Answer to Europe's Defence Funding Need by Otmar Issing

    Fallout of Trump's War WillBe Protracted and Foundational by Mark Sobel

Monetary and Fiscal Policy

    When Monetary Innovation Makes Money Obsolete by Ousmène Mandeng

    Revamping Public Accounting Rules to Spur Investment on Energy, Defence and Resilience by Ian Ball

Financial Stability

    The Financial Stability Implications ofArtificial Intelligence and Digital Finance by Tao Zhang

    The Insurance Protection Gap: AGrowing Risk to Financial Stability by Regula Hess

Working Paper

    Measuring Systemic Risk from Textual Analysis: Evidence from Chinese Banks by Yi Fang, Hao Lin, Liping Lu